Glencore to cooperate with US on Nigeria, Venezuela corruption charges

Glencore to cooperate with US on Nigeria, Venezuela corruption charges

Glencore Plc said it will cooperate with the US authorities on probes surrounding his business in Democratic Republic of Congo, Venezuela and Nigeria

The company said in a statement that On 3 July 2018, Glencore announced that a subsidiary had received a subpoena from the United States Department of Justice (the “DOJ”) to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes. The requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.

A committee of the Board has been established to oversee the Company’s response to the DOJ’s subpoena. This committee comprises the Chairman, Tony Hayward, Leonhard Fischer (Independent Non-Executive Director) and Patrice Merrin (Independent Non-Executive Director).

Chairman Tony Hayward said: “Glencore takes ethics and compliance seriously throughout the Group. The Company will cooperate with the DOJ, while continuing to focus on our business and seeking to maximise the value we create for our diverse stakeholders in a responsible and transparent manner.”